KARACHI: Gold and silver prices posted sharp gains in Pakistan on Friday, tracking a strong rally in international bullion markets.
In the global bullion market, the price of gold rose by $122 per ounce to $4,185.
Following the international increase, the price of 24-karat gold in Pakistan's local bullion market climbed by Rs. 12,200 per tola, reaching Rs. 440,936.
The price of 10 grams of gold also increased by Rs. 10,459 to Rs. 378,031.
Silver prices moved higher as well. The price of one tola of silver rose by Rs. 319 to Rs. 6,764, while the price of 10 grams of silver increased by Rs. 274 to Rs. 5,799.
The rise in domestic precious metal prices reflects gains in global markets, where stronger bullion prices pushed local rates to new highs.
Gold is traditionally regarded as a safe-haven investment, with demand often rising during periods of inflation and political or economic uncertainty.
Investors typically turn to the precious metal when confidence in other Pakistan revised its gold pricing mechanism last year, setting domestic prices at $20 per ounce above international market rates.
More read, Gold prices jump sharply in Pakistan after days of decline
Earlier, Gold prices in Pakistan posted a sharp rebound after a sustained downward trend, according to the All Pakistan Gems and Jewellers Association.
The association said the price of 24-karat gold per tola jumped by Rs. 9,100, taking it to Rs. 428,736.
Similarly, the price of 10 grams of 24-karat gold increased by Rs. 7,802 to Rs. 367,572.
The domestic rally followed a strong gain in the international bullion market, where the price of gold rose by $91 to $4,063 per ounce, contributing to the sharp increase in local rates.
